爱得威建设集团(06189) - 2025 - 中期业绩

Financial Summary and Announcement This section presents the unaudited interim financial results for the six months ended June 30, 2025, highlighting key financial performance and the announcement's scope Financial Summary Summarizes H1 2025 financial performance, noting revenue growth, gross profit decline, and expanded loss per share | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (Restated, RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 0.80 | 0.20 | ⬆️ 300% | | Gross Profit | 0.02 | 0.09 | ⬇️ 77.78% | | Gross Profit Margin | 2.86% | 47.21% | ⬇️ 44.35% | | Loss for the Period | (16.87) | (8.52) | ⬆️ 98.00% | | Net Loss Margin | (2,008.45%) | (4,321.83%) | ⬆️ 2313.38% (loss narrowed) | | Basic and Diluted Loss Per Share | (0.07) | (0.04) | ⬆️ 75% | Announcement Statement This announcement presents the unaudited condensed consolidated interim results for H1 2025, reviewed by the audit committee - This announcement presents the company's unaudited condensed consolidated interim results for the six months ended June 30, 2025, which have been reviewed by the audit committee[2] Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the statement of profit or loss and financial position, detailing the company's financial performance and position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue increased, gross profit declined, leading to expanded operating loss and a higher loss for the period | Metric (RMB thousand) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 840 | 197 | ⬆️ 326.4% | | Cost of Sales | (816) | (104) | ⬆️ 684.6% | | Gross Profit | 24 | 93 | ⬇️ 74.2% | | Selling and Marketing Expenses | (379) | (390) | ⬇️ 2.8% | | Administrative Expenses | (3,629) | (5,418) | ⬇️ 33.0% | | Net Impairment Losses on Financial and Contract Assets | — | 11,696 | ⬇️ 100% | | Other (Expenses) / Income — Net | (1,690) | 2,027 | ⬇️ 183.4% | | Operating Loss | (5,675) | 8,008 | ⬇️ 170.9% (from profit to loss) | | Finance Costs — Net | (11,196) | (13,922) | ⬇️ 19.6% | | Loss Before Income Tax | (16,871) | (5,914) | ⬆️ 185.3% | | Income Tax Expense | — | (2,600) | ⬇️ 100% | | Loss for the Period | (16,871) | (8,514) | ⬆️ 98.2% | Condensed Consolidated Statement of Financial Position Total assets decreased, current assets declined, total equity negative and expanded, net current liabilities worsened | Metric (RMB thousand) | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 39,623 | 40,661 | ⬇️ 2.55% | | Current Assets | 14,680 | 17,063 | ⬇️ 13.97% | | Total Assets | 54,303 | 57,724 | ⬇️ 5.93% | | Equity | | | | | Total Equity | (720,551) | (703,680) | ⬇️ 2.39% (negative expanded) | | Liabilities | | | | | Non-current Liabilities | 1,230 | 1,265 | ⬇️ 2.77% | | Current Liabilities | 773,624 | 760,139 | ⬆️ 1.77% | | Total Liabilities | 774,854 | 761,404 | ⬆️ 1.77% | | Net Current Liabilities | (758,944) | (743,076) | ⬇️ 2.14% (negative expanded) | | Net Assets | (720,551) | (703,680) | ⬇️ 2.39% (negative expanded) | Notes to Financial Information This section provides detailed notes to the financial information, covering general company data, significant accounting policies, segment reporting, and specific financial statement line items General Information Guangdong Adway Construction, listed on HKEX, provides architectural decoration and design services in China, controlled by its founders - The company primarily engages in providing interior and exterior architectural decoration and design services in China[7] - Mr. Ye Yujing and Ms. Ye Xiujin have been the controlling shareholders of the Group since its establishment[7] Summary of Significant Accounting Policies This section outlines the significant accounting policies adopted for the consolidated financial statements, including preparation basis, going concern, and new/revised standards Basis of Preparation The consolidated financial statements are prepared under HKFRSs, Hong Kong Companies Ordinance, and Listing Rules, using the historical cost convention - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, the Hong Kong Companies Ordinance, and the disclosure requirements of the Listing Rules[10] - The consolidated financial statements are prepared on a historical cost basis[11] Going Concern Assumption Despite significant uncertainties like net loss, net current liabilities, and overdue borrowings, the Board deems the going concern basis appropriate through debt restructuring and new financing - As of June 30, 2025, the Group reported a net loss of approximately RMB 16,871 thousand, net current liabilities of approximately RMB 758,944 thousand, net liabilities of approximately RMB 720,551 thousand, and cash and cash equivalents of only RMB 106 thousand, indicating significant going concern uncertainties[12] - The Board plans to mitigate liquidity pressure through debt restructuring with creditors, seeking new financing, and controlling administrative expenses, thus considering the preparation of consolidated financial statements on a going concern basis appropriate[12][14] New and Revised Standards Adopted The Group adopted HKFRS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, with no material impact on financial performance or position - The Group first adopted HKFRS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025[13] - The application of the new and revised standards had no material impact on the Group's financial position and performance for the current and prior periods[13] New Standards Not Yet Adopted This section lists several new and amended standards not yet effective, which are not expected to materially impact the Group's financial performance or position - Several new and revised standards, including HKFRS 9, HKFRS 7, and HKFRS 18, have been published but are not yet mandatorily effective, with most effective dates on or after January 1, 2026[18] - The Group's preliminary assessment anticipates no material impact on its financial performance and position upon the effective adoption of these new standards and amendments[15] Correction to 2024 Interim Results Announcement Management corrected revenue and cost of sales data in the 2024 interim results due to an inadvertent error, with no impact on 2025 financial performance - Management corrected revenue and cost of sales data in the interim results announcement for the six months ended June 30, 2024[16] | Metric (RMB thousand) | 2024 (Previously Presented) | 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 5,534 | 197 | | Cost of Sales | 5,445 | 104 | - This correction does not affect the financial performance and position for the six months ended June 30, 2025[17] Segment Information The Group operates as a single segment in China, providing architectural decoration and design services, with all revenue and non-current assets located in China - The Group primarily engages in providing interior and exterior architectural decoration and design services in China, managed as a single operating segment[19] - For the six months ended June 30, 2025, all the Group's revenue was generated in China, and all non-current assets are also located in China[19][20]